FE Lock fires a pre-flash and then meters it in the center circle of the viewfinder. FEL is great to use when you've got an exposure dialed in (perhaps with EC and FEC in action) and you want to make alternate compositions -- shoot wide vs. zoomed in or vertical vs. horizontal. If you return to your original composition and hit FEL each time before you recompose for the alternate shots, then your E-TTL exposures will be very similar.
It's very difficult to know why any camera appears to be more accurate with FEL than without because the evaluative part of E-TTL metering is always based on what the camera is seeing. If you shoot back-lit scenes a lot, then FEL will be a big help. For more general shooting, it's virtually impossible to say.
_________________________________
Syl Arena
Speedliting.com